To see that Patterson's claim is absolute rubbish, compare GDP
growth under President Clinton, who raised the top income tax rate
by 26 percent (from 31 percent to 39.6 percent) with growth under
President Bush (who cut the rate by 12 percent, from 39.6 percent
to 35 percent). In constant dollars, GDP under Clinton grew at an
average 3.6 percent, nearly twice the 2 percent rate under Bush.
All Obama proposes is to restore Clinton's top tax rate.

In a third of a century (1948-1981), GDP growth averaged 3.2
percent, far higher than that of the past decade. During virtually
that entire fast-growth era, the top tax rate was 70 percent or
higher - i.e., twice the current 35 percent (I challenge Patterson,
or anyone else, to refute these statistics).

Keynesian, demand-side economics dominated our most prosperous era.
Since President Reagan, supply-side nonsense has stultified
economic growth. Our crooked bankers, who wrecked the U.S. economy
with their reckless gambling, are exemples of that idiotic,
anti-regulatory economic ideology.